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BIRMINGHAM, Ala.--([ BUSINESS WIRE ])--Colonial Properties Trust (NYSE: CLP), a real estate investment trust (REIT), announced that its operating partnership, Colonial Realty Limited Partnership (CRLP), has completed the previously announced repurchase of its remaining 1,000,000 outstanding 7.25% Series B cumulative Redeemable Preferred Units (the Preferred Units), par value $50.00 per unit (the Preferred Units), from the existing holders for $47.5million (plus an amount equal to accrued but unpaid dividends to the closing date). The Preferred Units had originally been issued in a private placement in February 1999. CRLP used funds from asset dispositions and its unsecured credit facility to fund the repurchase. The company expects to record a gain of approximately $1.2 million, net of issuance costs, in the fourth quarter 2011 with respect to the repurchase.

Colonial Properties Trust is a real estate investment trust (REIT) that creates value for its shareholders through a multifamily focused portfolio and the management and development of select commercial assets in the Sunbelt region of the United States. As of September 30, 2011, the company owned or managed 34,369 apartment units and 13.3 million square feet of commercial space. Headquartered in Birmingham, Alabama, Colonial Properties is listed on the New York Stock Exchange under the symbol CLP and is included in the S&P SmallCap 600 Index. For more information, please visit the company's website at [ www.colonialprop.com ].

Safe Harbor Statement

aSafe Harbora Statement under the Private Securities Litigation Reform Act of 1995: Estimates of future earnings are, by definition, and certain other statements in this press release, including statements regarding signs of improvement in multifamily fundamentals and the companyas efforts to further simplify the business and strengthen the balance sheet, may constitute, aforward-looking statementsa within the meaning of the Private Securities Litigation Reform Act of 1995 and involve known and unknown risks, uncertainties and other factors that may cause the companyas actual results, performance, achievements or transactions to be materially different from the results, performance, achievements or transactions expressed or implied by the forward looking statements. Factors that impact such forward looking statements include, among others, changes in national, regional and local economic conditions, which may be negatively impacted by concerns about inflation, deflation, government deficits, high unemployment rates, decreased consumer confidence and liquidity concerns, particularly in markets in which we have a high concentration of properties; exposure, as a multifamily focused REIT, to risks inherent in investments in a single industry; ability to obtain financing on favorable rates, if at all; performance of affiliates or companies in which we have made investments; changes in operating costs; higher than expected construction costs; uncertainties associated with the timing and amount of real estate disposition and the resulting gains/losses associated with such dispositions; legislative or regulatory decisions; the Company's ability to continue to maintain its status as a REIT for federal income tax purposes; price volatility, dislocations and liquidity disruptions in the financial markets and the resulting impact on availability of financing; the effect of any rating agency actions on the cost and availability of new debt financings; level and volatility of interest or capitalization rates or capital market conditions; effect of any terrorist activity or other heightened geopolitical crisis; or other factors affecting the real estate industry generally.

Except as otherwise required by the federal securities laws, the company assumes no responsibility to update the information in this press release.

The company refers you to the documents filed by the company from time to time with the Securities and Exchange Commission, specifically the section titled aRisk Factorsa in the companyas Annual Report on Form 10-K for the year ended December31, 2010, as may be updated or supplemented in the Company's Form 10-Q filings, which discuss these and other factors that could adversely affect the companyas results.